New Federal Rule Says Industry Must Pay More to Drill on Federal Land
The previous rate of 12.5% paid by oil and gas companies for federal drilling rights had remained unchanged for a century, now it's 16.67%.
According to the Bureau of Land Management's (BLM) final onshore oil leasing rule, oil and gas companies will have to pay more to drill on federal lands and satisfy stronger requirements to clean up old or abandoned wells under a final rule issued Friday by the Biden administration.
The Interior Department’s rule raises royalty rates for oil drilling by …
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